RANDY Lerner is expected to step up his bid to buy Villa in the next couple of days.

American billionaire Lerner, the favourite of the four consortiums bidding to take control at Villa, is set to make a formal offer to chairman Doug Ellis.

Lerner is already working in close contact with Martin O'Neill, who was installed as Villa's new manager on Friday.

When he came to England a fortnight ago to hold talks with Ellis, Lerner also spent two successive evenings with the former Celtic boss who was his number one choice to succeed David O'Leary.

That is why O'Neill was believed to be stunned when it appeared the deal had fallen through 10 days ago and Lerner flew back to the United States after the apparent collapse of negotiations with Ellis.

But talks are again ongoing and, if all goes to schedule, Lerner is expected to be formally installed as the new owner of Villa by early September.

The owner of NFL side Cleveland Browns has the kind of ample funds O'Neill will require to transform Villa into a major force again after years in the doldrums.

Ellis is hopeful that a takeover will be completed "in weeks rather than months".

Asked if he hoped to stay on at Villa Park in some capacity if a takeover does go through, Ellis replied: "If they want me to."

Villa fan Michael Neville has tabled the only bid so far, #64million, while Athole Still, Sven-Goran Eriksson's agent, and a mystery backer are also in the running.